i need 18 and 19 please!! MC$80ATC$64$62$60AVC$42$3780 100 140200The graph above shows the cost curves for Ollie's Oranges, a small citrus producer in Florida. Use thisinformation to answer questions #18-21.18. If the market price of oranges is $42 per crate, what is the short-run profit maximizing level of output forthis firm?a. q =0b. q = 80c. q = 100d. q = 140e. q= 20019. How much profit will Ollie's Oranges earn in the short-run if it is producing at the profit maximizing levelof output that you identified in the previous problem?a. -$2,000b. -$1800c. $0d. $500e. $4,20020. What is the lowest price at which Ollie's Oranges will continue to operate in the short-run?a. $0b. $37c. $42d. $60e. $6421. Suppose that the government would like to provide a subsidy to support small growers like Ollie's Oranges.This subsidy will be most effective ifa. Supply is very elasticb. Demand is very inelasticc. Supply is very inelasticd. Oranges are a normal goode. The subsidy is given to the growers rather than the consumers.

In a market, the profit Maximizing level of output is the one at which market price of a product…

Answered: MC $80 ATC $64 $62 $60 AVC $42 $37 80…

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 2.4P

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